Chase Sapphire introduces industry-leading $795 annual fee

Chase, the largest US credit card issuer, announced major changes Tuesday to its Chase Sapphire Reserve card, popular among points enthusiasts and high-end reward travellers, and unveiled a Sapphire Reserve for Business card that offers a new tier of premium perks for custom-ers who spend at least $120,000 a year.

- NIA DECAILLE CHRISTINE CHUNG

Sapphire Reserve customers will see an expansion of benefits in the usual categories — dining, hotel and lifestyle credits — but also a heftier annual fee: $795 (about 26,150 baht) per year, up from $550, which surpasses annual fees for other premium travel cards from companies like Ameri-can Express. (On Monday, American Express announced its own plans to update its premium cards, with details to come later this year.)

Secondary cardholders, known as authorised users, will also see a higher annual fee of $195, up from $75. The increases will take effect after Oct 25, on the cardholder's annual renewal date. New cardholders will be subject to the new fees after June 23, the day the new cards open to applicants. Details on a welcome bonus for the new cards will also be announced that day.